Freight Factoring: Frequently Asked Questions (FAQs)
- What is factoring?
- Why should I factor with MHC?
- What do I need to do for loads that I want to factor?
- How long does it take to get paid?
- How do I get paid?
- Does MHC work with small businesses?
- Who handles billing and collections?
- Do I have to factor all of my invoices?
- Do you offer a fuel card program?
What is factoring?
Factoring is an easy way for our clients to manage cash flow, keep them hauling, and grow their business. Instead of the client waiting for their customer to pay Net-30 or Net-60, MHCFS purchases the invoices and pays our clients same-day. We provide back office administrative support with personalized account management to ensure a quality experience that establishes long-term relationships with our clients.
Why should I factor with MHC?
MHC Financial Services is the only company in the industry backed by a nationwide truck dealership network. We offer a national discount program on parts and service at all MHC locations as well as an exclusive fuel card program, saving you money at the pump. Additionally, we provide access to in-house financing options on truck purchases and a convenient roadside assistance program. MHC has the equipment, offers down-payment options, helps you finance your repairs, and more. Most importantly, our goal is to help keep your trucks on the road to allow your business to run and grow.
How do I submit invoices that I want to factor?
We make submitting your paper work easy. Just send your invoice and bill of lading (BOL) via email, fax, or upload to the customer portal. We accept most formats, including PDFs and JPEGs.
What do I need to do for loads that I want to factor?
Simply send MHC an e-mail with the signed bill of lading (BOL), rate confirmation and invoice for each completed haul. We don’t require you to send original invoices.
How long does it take to get paid?
Once MHC receives the paperwork, funds can be delivered as quickly as within one hour. If you have a specific time you request to be paid-no problem. Funding times are flexible to your business needs.
How do I get paid?
MHC offers payment options through ACH direct deposit, bank wire, and an exclusive EFS fuel card.
Does MHC work with small businesses?
Yes! We work with a variety of businesses inside and outside of the transportation and trucking industry.
How do I send invoices to MHC?
We have an online portal available to customers that provides an easy uploading system. Our customer portal is available through computer desktop or mobile device to add to your convenience.
Who handles billing and collections?
MHC Factoring will handle administrative duties such as processing paperwork, billing and collections.
Do I have to factor all of my invoices?
No, you choose which companies you want to factor.
Do you offer a fuel card program?
Yes, we offer fuel discounts through Electric Funds Source (EFS).